The Rundown. It is not yet clear how many cryptocurrency exchanges will apply for a license or meet its standards. The e-money institute plans to enter 50 further markets. Guest Author 23 hours ago. This testing period will limit them to institutional investors, but will help the SFC construct a policy to promotes growth and innovation. A Comprehensive Framework A year ago, the SFC announced a regulatory sandbox amid providing a confined environment for fintech companies to push forward for regulatory innovation. In an investigative report, chief economists at the Hong Kong Stock Exchange and the Innovation Lab investigated the potential of blockchain and AI in the financial sector.
The Regulatory Environment
Searching for information about exchanging cryptos online in Hong Kong? We have listed the best sites for Hong Kongers. Top 5 Crypto Exchanges for Hong Kong. Hodly Read the Review. Fast Buying. Binance website link. Join 6m Users.
Get the Latest from CoinDesk
No one should be surprised by this latest turn for cryptocurrency exchanges. The SFC did not disclose which exchanges they contacted, but they did indicate that these exchanges are located in or connected to Hong Kong. In response, most exchanges stated that they did not trade the tokens in question or removed them from their exchange. Similarly, most confirmed compliance or ceased token sales to Hong Kong residents. What does this latest warning mean? Which coins will no longer be accepted on Hong Kong exchanges?
Unsold $nirx tokens that remain from 35% of our total supply (allocated for #ICO), will be burnt after the sale event. More information here. https://t.co/UGULxbQf2S.#Crypto #fintech #ecommerce #BTC #ethereum
— NIRX Block™ (@NirXCoin) October 10, 2019
The State of Bitcoin in Hong Kong
The rules, which build off a conceptual framework the SFC first put forth last November, is designed to offer comprehensive protections for investors, Alder said:. And it also zeros in on many of the new concepts we are getting used to, such as hot and cold wallets, forks, airdrops and the like. Accordingly, the development paves the way for cryptocurrency exchanges to have an inroad to the mainstream in Hong Kong, albeit with firm compliance requirements that must be met in their entirety to gain an SFC greenlight.
On the same day it released its new regulatory framework for cryptocurrency exchanges, the SFC also published a public bulletin warning locals against participating in unregulated cryptocurrency futures offerings in Hong Kong. Last November, the SFC set out cryptocurrencies exchange hong kong for local fund managers that wanted to invest directly into cryptocurrencies. Notably, eTradeConnect is backed by a dozen prominent banks in Hong Kong. You should consider whether you can afford to take the high risk of losing your money.
News Source. Submit Press Release. SFC Cautions on Crypto Futures Contracts On the same day it released its new regulatory framework for cryptocurrency exchanges, the SFC also published a public bulletin warning locals against participating in unregulated cryptocurrency futures offerings in Hong Kong. You have Successfully Subscribed! About Contact Privacy Terms Disclaimer.
Which requirements should be followed for licensing of cryptocurrency exchange in Hong Kong?
On the other hand, steps are being taken by start-ups like Pundi X to honv the number of locations where people can spend their Bitcoin. Purchases made with a credit card give you access to your bitcoin immediately. The new licensing program stated that exchange operators can only provide services to professional investors, which means still no retail services can be provided. Prev Next. Last year there were only 47 deals. Disclosure Read More The leader in blockchain exchwnge, Cryptocurrencies exchange hong kong is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
Comments
Post a Comment